First Home Buyers now have an option when paying tax

First Home Buyer Choice is making home ownership in NSW easier by providing first home buyers the option between paying a smaller annual property tax, instead of stamp duty.

If you're an eligible first home buyer looking for a property up to $1.5 million, First Home Buyer Choice can lower the upfront costs of your purchase and cut up to 2 years off the time needed to save for a deposit, fast tracking your way to a new home.

Existing stamp duty exemptions and concessions for first home buyers will continue to apply for eligible purchases of up to $800,000.

Use the First Home Buyer Choice calculator to help you compare the estimated property tax and stamp duty.

Revenue NSW has developed a toolkit to assist real estate agents prepare for the start of First Home Buyer Choice on 16 January 2023.

The toolkit has been created to help agents assist prospective buyers to make a choice that is best suited to their financial circumstances. It includes a technical guide, webinars and information agents can share with customers.

information courtesy of ww.nsw.gov.au